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1 Myanmar Kyat
The kyat (/kiˈɑːt/, US: /ˈtʃɑːt/ or /ˈkjɑːt/; Burmese: ကျပ် [tɕaʔ]; ISO 4217 code MMK) is the currency of Myanmar (Burma). It is often abbreviated as “K” (singular or plural) or “Ks” (plural), which is placed before or after the numerical value, depending on author preference. The term kyat derives from the ancient Burmese unit kyattha (Burmese: ကျပ်သား), equal to 16.3 (16.329324593) grams of silver.
First kyat [1852-1889] – The kyat was a denomination of both silver and gold coinages in Burma until 1889. It was divided into 16 pe, each of 4 pya, with the mu and mat worth 2 and 4 pe, respectively.
Second Kyat [1943-1945] – When the Japanese occupied Burma in 1942, they introduced a currency based on the rupee. This was later replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents. The currency became worthless at the end of the war when the Burmese rupee was reintroduced in 1945.
Third kyat 1952- The present kyat was introduced on 1 July 1952. It replaced the rupee at par. Decimalisation also took place, with the kyat subdivided into 100 pya. From 2001 to 2012, the official exchange rate varied between 5.75 and 6.70 kyats per US dollar (8.20 to 7.00 kyats per euro). However, the street rate (black market rate), which more accurately took into account the standing of the national economy, has varied from 750 kyats to 1335 kyats per USD (985 to 1475 kyats per EUR). The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma.
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